CONDENSED UNAUDITED INTERIM GROUP

FINANCIALSTATEMENTS

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REVENUE AND EBIT % PER HALF YEAR

50 000

40 000

30 000

20 000

10 000

0

H1’08 H2’08 H1’09 H2’09 H1’10 H2’10 H1’11 H2’11 4m’11 H1’12

60 000

SDT ONZ Acczone

50 000

40 000

30 000

20 000

10 000

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H1 2009 H2 2009 H1 2010 H2 2010 H1 2011 H2 2011 2011 4M H1 2012

60 000

Revenue EBIT margin

REVENUE PER HALF YEAR PER COMPANY

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GROUP PROFILESilverBridge offers clients in the financial services industry reliable solutions that aim to simplify their operations by enabling and improving their business processes. We achieve this by implementing our system platforms and customising them to meet client needs. The valuable experience we have gained through our existing African footprint and strategic partnerships, positions us well to take advantage of opportunities while making life insurance simpler.

Exergy is our flagship platform that enables core back office policy administration in the life assurance industry. The broader Exergy solution package has specific applications which can be customised to suit the needs of a long-term insurer. We use solution design to address more than just customisation of existing products and contract information - it allows our clients to drive their strategic business objectives efficiently. Our approach is to identify and define strategic customer business objectives, translate those to IT requirements and to implement winning, long-term solutions.

SilverBridge Holdings Limited and SilverBridge Software Solutions (Proprietary) Limited are jointly branded as SilverBridge.

FINANCIAL HIGHLIGHTSThe Group has changed its year end to 30 June to be more closely aligned to the natural selling and delivery cycles of the business and to facilitate more efficient planning and budgeting processes. This is the first time the Group is reporting six month interim results for a period ending on 31 December. Comparative numbers are the last reported interim results for the six months period ending 31 August 2010.

SilverBridge has improved its results in the last six months and reported a profit, compared to the loss for the sixteen month period ended June 2011. This indicates the beginning of a turnaround after the consolidation integration, exiting of loss making projects and refocusing on the core business of software solutions for the life insurance industry. Costs have been reduced and revenue as well as the quality of revenue has improved. We have grown our annuity revenue base and reduced research and development costs. Despite the improvements, margins are still under pressure as SilverBridge adapts to providing services within the Tier 1 market.

OPERATIONAL HIGHLIGHTS We are pleased to report that we have secured Nedgroup Life as a client, following a solution design consulting project. We will be replacing their life policy administration platform over the next 3 years. The Absa implementation is progressing well. We also implemented our standardised offering, Exergy2Go, for another two new smaller clients in a matter of weeks and they are currently customising it to meet their requirements under our guidance.

We are doing business in a highly complex environment. Our operational focus had been and continues to be:

- On creating efficiency tools and making implementations less complex

- On improving end to end implementation and support processes to improve quality

- Adapting to dealing with Tier 1 clients

CONDENSED UNAUDITED INTERIM GROUP FINANCIAL STATEMENTSfor the 6 month period 31 December 2011

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Unaudited Unaudited Audited 6 months 6 months 16 months ended ended ended 31 December 31 August 30 June Percentage 2011 2010 2011 Change R’000 R’000 R’000 %Revenue 47 578 52 162 121 042 (9%)Other income 481 55 1 074 Operating expenses (44 956) (50 664) (125 120) (11%)Operating profit/(loss) 3 103 1 553 (3 004) 100%Impairment loss recognised on intangible assets - - (27 689) Loss on sale of associate (76) - - Fair value adjustment - - 11 737 Finance income 81 435 396 Finance expense (36) (1) (14) Share of loss in associate - - (34) Profit/(loss) before taxation 3 072 1 987 (18 608) 55%Taxation (1 012) (9) (5 656) Profit/(loss) and total comprehensive income for the period 2 060 1 978 (24 264) 4%

Net profit/(loss) and total comprehensive income attributable to:Equity holders of the parent 2 060 1 136 (24 782) 81%Non-controlling interest - 842 518 (100%) 2 060 1 978 (24 264) 4%

Number of shares in issue (‘000) 34 675 34 675 34 675 0%Weighted average number of shares in issue (‘000) 34 675 34 675 34 675 0%Diluted weighted average number of shares (‘000) Basic earnings/(loss) per share (cents) 5.9 3.3 (71.5) 79%Headline earnings per share (cents) 6.1 3.3 8.5 85%Diluted earnings/(loss) per share (cents) 5.5 3.2 (71.5) 72%Diluted headline earnings per share (cents) 5.6 3.2 8.5 75%

Reconciliation of headline and diluted headline earnings Basic and diluted earnings/(loss) 2 060 1 136 (24 782) Impairment of goodwill - - 27 689 Adjusted for (gain)/loss on disposal of equipment (11) - 36 Adjusted for loss on disposal of associate 76 Headline and diluted headline earnings 2 125 1 136 2 943 87%

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the 6 month period ending 31 December 2011

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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITIONas at 31 December 2011

Unaudited Unaudited Audited as at as at as at 31 December 31 August 30 June 2011 2010 2011 Notes R’000 R’000 R’000ASSETSNon-Current AssetsEquipment 2 722 3 068 2 435Intangible assets 13 293 29 766 14 103Investment in associate - 110 76Deferred tax assets - 4 432 792Total Non-Current Assets 16 015 37 376 17 406Current AssetsIncome tax receivable 1.2 6 122 5 804 5 548Revenue recognised not yet invoiced 1.3 1 316 8 799 530Trade and other receivables 10 029 16 231 11 450Cash and cash equivalents 8 130 11 353 16 500Total Current Assets 25 597 42 187 34 028Total Assets 41 612 79 563 51 434

EQUITY AND LIABILITIESCapital and ReservesIssued capital 348 348 348Share premium 11 871 11 871 11 871Treasury shares (197) (197) (197)Share based payment reserve 1 181 279 757Retained earnings 16 765 41 249 14 705Total equity attributable to equity holders of the parent 29 968 53 550 27 484Non-controlling interest - 4 724 -Total Equity 29 968 58 274 27 484Non-Current LiabilitiesDeferred tax liability 40 - -Total Non-Current Liabilities 40 - -Current LiabilitiesDeferred revenue 1.3 420 3 537 9 098Trade and other payables 1.4 11 184 17 752 14 852Total Current Liabilities 11 604 21 289 23 950Total Equity and Liabilities 41 612 79 563 51 434

Net asset value per share (cents) 86.4 168.1 79.3Net tangible asset value per share (cents) 48.1 82.2 38.6

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Share based Non- Issued Share Treasury payment Retained controlling Total capital premium shares reserve earnings Total interest equity R’000 R’000 R’000 R’000 R’000 R’000 R’000 R’000Balance at 1 March 2010 348 11 871 (197) 91 41 798 53 911 3 881 57 792Total comprehensive income for the period Profit or loss - - - - 1 136 1 136 843 1 979Other comprehensive income - - - - - - - -Total comprehensive income for the period - - - - 1 136 1 136 843 1 979Transactions with owners, recorded directly in equity Contributions by and distributions to owners Equity settled share based payment - - - 188 - 188 - 188Dividend paid by holding company - - - - (1 685) (1 685) - (1 685)Total contributions by and distributions to owners - - - 188 (1 685) (1 497) - (1 497)Changes in ownership interests in subsidiaries that do not result in a loss of control Total transactions with owners - - - 188 (1 685) (1 497) - (1 497)Balance at 31 August 2010 348 11 871 (197) 279 41 249 53 550 4 724 58 274Total comprehensive income for the period Profit or loss - - - - (24 233) (24 233) (325) (24 558)Other comprehensive income - - - - - - - -Total comprehensive income for the period - - - - (24 233) (24 233) (325) (24 558)Transactions with owners, recorded directly in equity Contributions by and distributions to owners Equity settled share based payment - - - 501 - 501 - 501Minority interest in dividend payment by subsidiary - - - - - - (2 450) (2 450)Dividend payment by holding company - - - - (1 733) (1 733) - (1 733)Transfer of reserve of share options that did not vest - - - (23) 23 - - -Total contributions by and distributions to owners - - - 478 (1 710) (1 232) (2 450) (3 682)Changes in ownership interests in subsidiaries thatdo not result In a loss of control Acquisition of 49% non-controlling interest - - - - (601) (601) (1 949) (2 550)Total transactions with owners - - - 478 (2 311) (1 833) (4 399) (6 232)Balance at 30 June 2011 348 11 871 (197) 757 14 705 27 484 - 27 484Total comprehensive income for the period Profit or loss - - - - 2 060 2 060 - 2 060Other comprehensive income - - - - - - - -Total comprehensive income for the period - - - - 2 060 2 060 - 2 060Transactions with owners, recorded directly in equity Contributions by and distributions to owners Equity settled share based payment - - - 424 - 424 - 424Total contributions by and distributions to owners - - - 424 - 424 - 424Changes in ownership interests in subsidiaries thatdo not result In a loss of control Total transactions with owners - - - 424 - 424 - 424Balance at 31 December 2011 348 11 871 (197) 1 181 16 765 29 968 - 29 968

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITYfor the 6 month period ended 31 December 2011

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Share based Non- Issued Share Treasury payment Retained controlling Total capital premium shares reserve earnings Total interest equity R’000 R’000 R’000 R’000 R’000 R’000 R’000 R’000Balance at 1 March 2010 348 11 871 (197) 91 41 798 53 911 3 881 57 792Total comprehensive income for the period Profit or loss - - - - 1 136 1 136 843 1 979Other comprehensive income - - - - - - - -Total comprehensive income for the period - - - - 1 136 1 136 843 1 979Transactions with owners, recorded directly in equity Contributions by and distributions to owners Equity settled share based payment - - - 188 - 188 - 188Dividend paid by holding company - - - - (1 685) (1 685) - (1 685)Total contributions by and distributions to owners - - - 188 (1 685) (1 497) - (1 497)Changes in ownership interests in subsidiaries that do not result in a loss of control Total transactions with owners - - - 188 (1 685) (1 497) - (1 497)Balance at 31 August 2010 348 11 871 (197) 279 41 249 53 550 4 724 58 274Total comprehensive income for the period Profit or loss - - - - (24 233) (24 233) (325) (24 558)Other comprehensive income - - - - - - - -Total comprehensive income for the period - - - - (24 233) (24 233) (325) (24 558)Transactions with owners, recorded directly in equity Contributions by and distributions to owners Equity settled share based payment - - - 501 - 501 - 501Minority interest in dividend payment by subsidiary - - - - - - (2 450) (2 450)Dividend payment by holding company - - - - (1 733) (1 733) - (1 733)Transfer of reserve of share options that did not vest - - - (23) 23 - - -Total contributions by and distributions to owners - - - 478 (1 710) (1 232) (2 450) (3 682)Changes in ownership interests in subsidiaries thatdo not result In a loss of control Acquisition of 49% non-controlling interest - - - - (601) (601) (1 949) (2 550)Total transactions with owners - - - 478 (2 311) (1 833) (4 399) (6 232)Balance at 30 June 2011 348 11 871 (197) 757 14 705 27 484 - 27 484Total comprehensive income for the period Profit or loss - - - - 2 060 2 060 - 2 060Other comprehensive income - - - - - - - -Total comprehensive income for the period - - - - 2 060 2 060 - 2 060Transactions with owners, recorded directly in equity Contributions by and distributions to owners Equity settled share based payment - - - 424 - 424 - 424Total contributions by and distributions to owners - - - 424 - 424 - 424Changes in ownership interests in subsidiaries thatdo not result In a loss of control Total transactions with owners - - - 424 - 424 - 424Balance at 31 December 2011 348 11 871 (197) 1 181 16 765 29 968 - 29 968

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Unaudited Unaudited Audited 6 months 6 months 16 months ended ended ended 31 December 31 August 30 June 2011 2010 2011 R’000 R’000 R’000Cash (utilised)/generated from operations (6 626) 1 334 17 704Interest received 81 231 396Interest paid (36) (1) (14)Minority interest in dividends paid by subsidiary - - (2 450)Taxation paid (754) (903) (2 821)STC paid - - (500)Net cash (outflow)/inflow from operating activities (7 335) 661 12 315Cash flows from investing activities Plant and equipment acquired to expand operations (1 055) (1 440) (2 174)Proceeds from sale of equipment 20 - 55Acquisition of Ones & Zeros - - (600)Capitalisation of development costs - (2 300) (5 797)Net cash outflow from investing activities (1 035) (3 740) (8 516)Cash flows from financing activities Dividends paid to equity holders of the parent - - (1 731)Net cash outflow from financing activities - - (1 731) Net (decrease)/increase in cash and cash equivalents (8 370) (3 079) 2 068Cash and cash equivalents at the beginning of the period 16 500 14 432 14 432Cash and cash equivalents at the end of the period 8 130 11 353 16 500

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWSfor the 6 month period ended 31 December 2011

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Imple- Research Software mentation Support and Consulting rental Total services services development Income & other R’000 R’000 R’000 R’000 R’000 R’000 Unaudited 6 months ended 31 December 2011 Total revenue 47 578 20 567 9 184 - 660 **17 167Segment revenue inter-company - - - - - -Segment revenue external 47 578 20 567 9 184 - 660 17 167Direct segment cost (27 982) (14 813) (6 660) (6 089) (420) -Cost capitalised - - - - - -Segment gross profit 19 596 5 754 2 524 (6 089) 240 17 167Segment gross profit % 41% 28% 27% 36% 100%Indirect segment cost (15 356) (8 129) (3 655) (3 342) (230) -Segment result 4 240 (2 375) (1 131) (9 431) 10 17 167Unallocated expenses * (1 618)Other income 481Operating profit 3 103Loss on sale of associate (76)Finance income 81Finance expense (36)Income tax expense (1 012)Profit for the period 2 060* Unallocated expenses relate to costs incurred at a corporate level.** Software rental includes a license fee of R 2.4 million

Assets and liabilitiesThe assets and liabilities of the Group are organised and managed at a corporate business support level. As the assets and liabilities contribute at a corporate level, it is not practical to determine a reasonable allocation of the assets and liabilities to the business segments.

UNAUDITED CONDENSED SEGMENT REPORTSfor the 6 month period ended 31 December 2011

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Imple- Research Software mentation Support and Consulting rental Total services services development Income & other R’000 R’000 R’000 R’000 R’000 R’000 Unaudited 6 months ended 31 August 2010Total revenue 52 657 19 396 7 800 30 12 539 **12 892Segment revenue inter-company (495) - - (30) (465) -Segment revenue from external clients 52 162 19 396 7 800 - 12 074 12 892Direct segment cost (33 737) (12 877) (7 024) (5 686) (8 150) -Cost capitalised 2 300 - - 2 300 - -Segment gross profit 20 725 6 519 776 (3 386) 3 924 12 892Indirect segment cost (14 424) (6 650) (3 825) (1 922) (2 027) -Segment result 6 301 (131) (3 049) (5 308) 1 897 12 892Unallocated expenses * (4 748) Operating profit 1 553Finance income 435Finance expense (1)Share of profit in associate -Income tax expense (9)Profit for the period 1 978* Unallocated expenses relate to costs incurred at a corporate level.** Software rental includes a license fee of R 2.5 million

Assets and liabilitiesThe assets and liabilities of the Group are organised and managed at a corporate business support level. As the assets and liabilities contribute at a corporate level, it is not practical to determine a reasonable allocation of the assets and liabilities to the business segments.

UNAUDITED CONDENSED SEGMENT REPORTS (continued)for the 6 month period ended 31 December 2011

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UNAUDITED CONDENSED SEGMENT REPORTS (continued)for the 6 month period ended 31 December 2011

Imple- Research Software mentation Support and Consulting rental Total services services development Income & other R’000 R’000 R’000 R’000 R’000 R’000 Unaudited 16 months ended 30 June 2011Total revenue 126 253 42 344 24 158 - 20 442 **39 309Segment revenue inter-company (5 211) (477) - - (4 734) -Segment revenue from external clients 121 042 41 867 24 158 - 15 708 39 309Direct segment cost (77 339) (30 585) (17 410) (18 939) (10 405) -Cost capitalised 5 797 - - 5 797 - -Segment gross profit 49 500 11 282 6 748 (13 142) 5 303 39 309Indirect segment cost (41 686) (16 486) (9 384) (10 208) (5 608) -Segment result 7 814 (5 204) (2 636) (23 350) (305) 39 309Unallocated expenses ** (10 818) Operating loss (3 004) Impairment loss (27 689) (1 819) (1 819) (4 719) (8 421) (10 911)Fair value adjustment 11 737 1 467 1 467 - - 8 803Finance income 396 Finance expense (14) Share of loss in associate (34) Income tax expense (5 656) Loss for the period (24 264)* Unallocated expenses relate to costs incurred at a corporate level.** Software rental includes a license fee of R 2.5 million

Assets and liabilitiesThe assets and liabilities of the Group are organised and managed at a corporate business support level. As the assets and liabilities contribute at a corporate level, it is not practical to determine a reasonable allocation of the assets and liabilities to the business segments.

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COMMENTARY

1. ACCOUNTING POLICIES 1.1 Basis of presentation The accounting policies applied in the preparation of these condensed interim financial statements, which are based on reasonable judgments and estimates, are in accordance with International Financial Reporting Standards (“IFRS”) and are consistent with those applied in the annual financial statements for the year ended 30 June 2011. These condensed financial statements as set out in this report have been prepared in terms of the AC500 series, IAS 34 – Interim Financial Reporting, the Companies Act and the Listings Requirements of JSE Limited. The interim results have not been audited or reviewed by the Group’s auditors.

1.2 Income tax receivable Unaudited Unaudited Audited 6 months 6 months 16 months ended ended ended 31 December 31 August 30 June 2011 2010 2011 R’000 R’000 R’000 Income tax receivable 1 324 1 234 750 With-holding tax certificates 4 798 4 570 4 798 Income tax receivable 6 122 5 804 5 548

1.3 Deferred revenue and revenue recognised not yet invoiced Deferred revenue and revenue recognised but not yet invoiced refers to the timing difference between recognition of revenue and invoicing to the client based on the contracts. The Group is in a net asset position which means the group recognised more revenue than invoiced and received. Current asset Revenue recognised not yet invoiced 1 316 8 799 530 Current liability Deferred revenue (420) (3 537) (9 098) Net asset/(liability) 896 5 262 (8 568)

1.4 Trade and other payables Trade payables 1 685 2 019 1 744 Withholding tax rebate payable 3 955 4 477 4 798 VAT payable 467 305 1 273 Leave accrual 1 629 1 465 2 077 Liability on capital reduction - 27 31 Liability on dividend payment - 1 712 - Other payables (accruals) 2 185 6 061 2 979 Ones & Zeros purchase price liability 1 263 - 1 950 Acczone purchase price liability - 1 686 - Total 11 184 17 752 14 852

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2. CORPORATE ACTIVITY 2.1 Changes to the board Mr. Andile Sangqu resigned as board member and chairman with effect from 31 December 2011. Mr. Robert Emslie, an existing independent non-executive director was appointed as chairman with effect from 1 January 2012.

2.2 Dividends and Capital distribution No dividend or capital distribution was declared for the period under review.

2.3 Disposal of associate The investment of twenty five percent (25%) in Silburn Drake Staff Connections (Proprietary) Limited, reported on previously as an associate, was sold for R1 on 17 November 2011 to the majority shareholders. The investment of R67 479 created through the equity method of accounting was written off as a loss.

2.4 Subsequent events No events occurred subsequent to the period end that would require the interim financial statements to be adjusted.

FINANCIAL RESULTS AND PERFORMANCEThe group reported a turnaround in its results for the six months ended 31 December 2011. Although the results are not at previously achieved levels, the turnaround indicates that the actions taken and renewed focus on our core business is producing positive results.

As reported, we redesigned our implementation approach and integrated all our operating companies into a single operating company. Management structures have been consolidated to ensure focus and reduce overhead costs.

Segmental reviewUnallocated costs Unallocated costs represent our listing and corporate costs. The corporate centre was however, also integrated into operations and therefore does not include any executive salary costs. These costs have been allocated to the segments, lowering their profit margins in the current results.

Consulting The consulting business is now fully integrated into the operations and is focused on solution design for our life insurance clients. In future, we will report on solution design revenue as part of the implementation segment.

Implementation Implementation revenue is project based and relates to the implementation of our solutions for clients. We have improved project management and overall service delivery, but are still adapting to providing services to the Tier 1 market. We are pleased with our reported revenue, but margins are still under pressure. The Absa implementation is ongoing and will extend into the new financial year. The market is responding positively to our presence in the Tier 1 segment and a solution design project done for Nedgroup Life is included.

COMMENTARY (continued)

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Support Support income is monthly contracted income and is annuity based. Revenue levels were maintained with profit margins slightly below our expected margins as a result of general pressure and in some instances, inefficient service delivery

Software rental Software rental is annuity based. It grows with new clients and system usage by each client – based on the number of contracts or policies administered. It typically grows slowly over time. Revenue includes a license fee of R 2.4 million. Excluding license fees, rental revenue growth came mainly from new clients.

Research anddevelopment Research and development costs were reduced to levels on par with those achieved prior to the Acczone acquisition. We focused our development on building assets that support more efficient implementation of our life insurance platform (Exergy). We suspended all development work on the Acczone loan administration product. We did not capitalise any research and development costs. Currently, our development capacity is mostly being utilised by ongoing implementations.

GROUP OUTLOOK The changing environment within our target market continues to present new opportunities as financial service institutions search for ways to reduce costs and improve services to their clients. We continue to see financial service providers increasing their focus on improving relationships with their clients, driving internal efficiencies and differentiating their products as a means to capture and retain market share. SilverBridge remains well positioned to meet these needs.

The outlook for the Group remains positive. The group have been restructured, refocused, simplified and in the process the overall cost structure of the group was reduced. Our ability to make implementations simpler and improve quality is key to delivering solutions. We are busy with some major implementations and are also securing new business. Building our annuity revenue is an ongoing goal and our focus is therefore directed at understanding and empowering our clients and on effective implementations.

On behalf of the board of directors

Robert Emslie Jaco SwanepoelChairman Chief Executive Officer

27 February 2012

COMMENTARY (continued)

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SILVERBRIDGE HOLDINGS LIMITED(Incorporated in the Republic of South Africa)

(Registration No. 1995/006315/06)JSE SHARE CODE: “SVB” ISIN CODE:

ZAE000086229(“SilverBridge” or “the Group”)

DIRECTORS OF SILVERBRIDGE HOLDINGSRobert Emslie (Chairman)**Jaco Swanepoel (CEO)Jeremy de Villiers **Dinga Madubela*Tyrrel Murray* Sandra Duetsch*Jaco Maritz (FD)Sphelele Sangweni***(All the directors are South African citizens)* Non-executive** Independent non-executive*** Alternate director

REGISTERED OFFICESFirst Floor,Castle View North495 Prieska Street,Erasmuskloof,Pretoria, 0048(PO Box 11799, Erasmuskloof, 0048)

COMPANY SECRETARYFusion Corporate Secretarial Services (Proprietary) Limitedrepresented by Melinda Gous43 Sovereign Road,Route 21 Corporate Park,Irene, Pretoria, Gauteng(PO Box 68528, Highveld, 0169)

LEGAL ADVISERSGildenhuys Lessing Malatji Inc.(Registration number: 1997/002114/21)GLMI House, Harlequins Office Park,164 Totius Street, Groenkloof(PO Box 619, Pretoria, 0001)

GROUP AUDITORS:KPMG Inc.(Registration number: 1999/021543/21)KPMG Forum,226 Schoeman Street, Hatfield(PO Box 11265, Hatfield, 0028)

TRANSFER SECRETARIESComputershare Investor Services(Proprietary) Limited(Registration number: 2004/003647/07)70 Marshall Street,Johannesburg,(Call centre: 0861 100 634)(PO Box 61051, Marshalltown, 2107)

DESIGNATED ADVISERMerchantec (Proprietary) Limited(Registration number: 2008/027362/07)Second Floor,North Block Hyde Park Office Tower,Corner 6th Road and Jan Smuts Avenue,Hyde Park(PO Box 41480, Craighall, 2024)

Regis tered Of f icesFirst Floor, Castle View North, 495 Prieska Street, Erasmuskloof, Pretoria, 0048

(P.O. Box 11799, Erasmuskloof, Pretoria, 0048)

www.silverbridge.co.za